The Challenges and Solutions of Global Expansion
When you decide to go global with your business, there are many different factors you have to consider to build a successful operation. To overcome these challenges, you will need a comprehensive software interface that lets you handle everything from payroll to inventory management across borders. Horizon Associates Group, LLC and our NetSuite experts can help you build a software platform that meets your business’ specific needs. Here is a look at some of the challenges you will face when you expand your business internationally and how we can help your Long Island, NY and King of Prussia, PA business with accounting software, inventory software, and much more.
Global Expansion Challenges
There are three key considerations when you decide to launch an international presence for your business. The first is regulations. You will need to adhere to the business regulations in your country of residence as well as the regulations in the different countries in which you operate. If you operate in multiple countries, this means dealing with different regulations in each area in which you are operating. The second challenge is currency. You will need to track sales, salaries, and purchases in the currency of each of the countries in which you are operating and account for these differences when you make business forecasts. Language is the other major barrier you have to tackle when you operate internationally. Your employees need to be able to share information and you need to be able to provide information to your team in language that is understood by everyone.
Solutions for Expansion Challenges
NetSuite OneWorld solves your global business challenges using cloud-based solutions that work across your network. OneWorld lets you seamlessly switch between currencies using real-time analytics, so you have a broad view of what is happening across all of the areas of your business. The software can automatically check your compliance to ensure that you are adhering to regulations. It can also streamline language issues so your employees can communicate in real time about important business issues. Thanks to the customization capacity for NetSuite, you can also tweak the platforms so they meet your business’ specific needs.